In line with the requirements of section 12(10) of the Public Service Pensions Act (Northern Ireland) 2014 the Department of Finance has consulted with employee representatives of public service pension schemes on the draft of The Public Service Pensions (Employer Cost Cap and Specified Restricted Scheme) Regulations (Northern Ireland) 2022.
The regulations will amend the existing Public Service Pensions (Employer Cost Cap) Regulations (Northern Ireland) 2015) to widen the specified margins of the cost cap mechanism from 2% to 3% in line with the recommendations of the Government Actuary.
A technical change is also made for the NI Judicial Pension Scheme 2015.
Department of Finance response to the consultation on The Public Service Pensions (Employer Cost Cap & Specified Restricted Scheme) Regulations (NI) 2022